Digital M&A and firm productivity in China

被引：10

作者：

Chen, Yifu ^{[1
]}

Wang, Liang ^{[2
]}

Ye, Yongwei ^{[3
]}

Tao, Yunqing ^{[4
]}

机构：

[1] Jilin Univ, Sch Econ, Changchun, Peoples R China

[2] Shanghai Univ Finance & Econ, Coll Business, Shanghai, Peoples R China

[3] Shanghai Univ Finance & Econ, Sch Publ Econ & Adm, Shanghai, Peoples R China

[4] Peking Univ, Inst Digital Finance, Natl Sch Dev, Beijing, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2023年 / 58卷

基金：

中国国家自然科学基金;

关键词：

Digital M&A; Total factor productivity; Human capital; R&D Investment; INNOVATION; TECHNOLOGIES;

D O I：

10.1016/j.frl.2023.104326

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using data from mergers and acquisitions (M & A) among Chinese listed firms from 2012 to 2021, this paper explores the influences of digital M & A on firms' total factor productivity (TFP) and the underlying mechanisms. Our findings reveal that digital M & A positively affect firms' TFP, which still holds after a series of robustness tests. According to mechanism tests, we find that digital M & A enhance firms' TFP through dual conduits: the refinement of the human capital structure within firms, and the escalation of firms' investment in research and development (R & D). Further heterogeneous analysis show that the stimulating effect of digital M & A on firms' TFP is more pronounced in highly competitive industries, in regions characterized by superior market development, and within non-state-owned enterprises.

引用

页数：11

共 50 条

[31] Political connection and M&A performance: Evidence from China
Brahma, Sanjukta
Zhang, Jing
Boateng, Agyenim
Nwafor, Chioma
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2023, 85 : 372 - 389
[32] Foreign ownership and M&A activity: Evidence from China
Liu, Hao
Ye, Xiaofen
Zhang, Qun
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2024, 73
[33] Can Digital Finance Accelerate the Digital Transformation of Companies? From the Perspective of M&A
Yu, Mingtao
Yan, Aiguo
SUSTAINABILITY, 2022, 14 (21)
[34] Way to Success: International M&A of China Oil Enterprises
Wang Wei
China Oil & Gas, 2014, 21 (02) : 40 - 44
[35] Empirical research on M&A performance of private enterprises in China
Zou, Xiaopeng
Wei, Qiuping
Zhang, Bo
QUALITY & QUANTITY, 2012, 46 (02) : 639 - 651
[36] Empirical research on M&A performance of private enterprises in China
Xiaopeng Zou
Qiuping Wei
Bo Zhang
Quality & Quantity, 2012, 46 : 639 - 651
[37] M&A Deals in China Reach Record Levels in 2010
Zhao Ailing
China'sForeignTrade, 2011, (03) : 60 - 61
[38] The Relative Research on M&A Activity and Macroscopic Factors in China
Xie Jigang
Wang Mengmeng
Han Shanshan
EBM 2010: INTERNATIONAL CONFERENCE ON ENGINEERING AND BUSINESS MANAGEMENT, VOLS 1-8, 2010, : 1410 - +
[39] China's Overseas M&A In Global Economic Crisis
Han Kang from China University of Mining and Technology
China's Foreign Trade, 2009, (15) : 24 - 25
[40] Trust, innovation and M&A value: An empirical study in China
Wang, Yan
He, Zhuqian
2020 INTERNATIONAL CONFERENCE ON IDENTIFICATION, INFORMATION AND KNOWLEDGE IN THE INTERNET OF THINGS (IIKI2020), 2021, 187 : 212 - 217

← 1 2 3 4 5 →